October 16, 2010
I am appalled by the number of so-called professional financial advisor commenters who cannot even correctly spell words in their one or two sentence submissions. The gist of their collective concern is that they won't be paid indefinitely for their advice if 12b-1 fees are replaced. Hallelujah. It's about time they left the gravy train.
I would have said that this is an only-in-America problem, but we all know too well that people all over the world are persuaded to part with their hard-earned money by poorly educated advisors who purvey an attitude that they have unique insight into the future of financial markets. If they truly had such insight, they wouldn't be providing financial advice instead of investing their own money.